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OMAHA, Neb. (Reuters)—Berkshire Hathaway Inc., the insurance and investment company controlled by Warren Buffett, on Friday posted a 67% increase in operating profit, helped by improved performance in insurance underwriting and its noninsurance businesses.
First-quarter operating profit rose to $2.67 billion, or $1,615 per Class A share, from $1.59 billion, or $966 per share, a year earlier. Net income attributable to Berkshire shareholders more than doubled to $3.25 billion, or $1,966 per share, from $1.51 billion, or $917 per share, last year.
Berkshire posted a $54 million insurance underwriting profit in the quarter. That compared with a year-earlier $821 million loss, when results were hurt by costs for earthquakes in Japan and New Zealand and floods and a cyclone in Australia.